Mr. Simon Clarke reports

AMERICAN LITHIUM FILES UPDATED MINERAL RESOURCE TECHNICAL REPORT ON FALCHANI SUPPORTING 476% INCREASE IN MEASURED & INDICATED LITHIUM RESOURCE

American Lithium Corp. has filed the independent National Instrument 43-101 technical report on the updated mineral resource estimate (MRE) for the Falchani lithium project, located in southwestern Peru, and as announced on Oct. 31, 2023. The MRE and Technical Report were completed by Stantec Consulting Services Inc. ("Stantec"), which established a much larger lithium resource base which will form the basis of an updated preliminary economic assessment on the Falchani ("PEA"). The MRE has been incorporated into the Mine Plan within the PEA, which is currently being finalized by DRA Global and will be announced shortly.

Key Highlights of Technical Report

• Measured + Indicated Resource ("M&I") increases 476% from previous 2019 MRE;
• Measured Resource - 1.01 Million Tonnes ("Mt") Lithium Carbonate Equivalent ("LCE") (69 Mt @ 2,792 parts per million ("ppm") Lithium ("Li"));
• Indicated Resource - 4.52 Mt LCE (378 Mt @ 2,251 ppm Li);
• M&I Resource - 5.53 Mt LCE (447 Mt @ 2,327 ppm Li);
• Inferred Resource - 3.99 Mt LCE (506 Mt @ 1,481 ppm Li);
• Base Case cut-off has been lowered to 600 ppm Li from previous 1,000 ppm cutoff based on strong project economics specifically updated operating costs and $20,000/tonne LC selling price;
• At 1,000 ppm cut-off, also used in previous MRE. the updated M&I Resource is 5.32 Mt LCE versus 0.96 Mt LCE from previous March 2019 MRE - an increase of 455%; and
• Increased size and grade of resource supports long production potential at Falchani.

Simon Clarke, CEO of American Lithium, states, "We continue to make excellent progress at Falchani and this very large increase and reclassification of the Falchani Resource follows a very successful drill program completed Q3, 2023. With the Deposit still open in numerous directions, we expect the scale of the Project and the size of the Resource to continue to grow. The increase in resource feeds directly into the updated PEA on Falchani, which is currently being finalized and will be released shortly, and into the ongoing Pre-Feasibility Study."

Readers are encouraged to review the related October 31, 2023 News Release, and the Report. The Report titled "Technical Report and Mineral Resource Estimate - Falchani Property, Carabaya Province, Department of Puno, South-Eastern Peru" dated December 14, 2023, with an effective date of October 31, 2023, was prepared by Stantec Consulting Inc. and can be found under the Company's profile on SEDAR (www.sedarplus.com) and on the Company's website. There are no material differences in the NI 43-101 Report from the information disclosed in the October 31, 2023 News Release.

Mineral Resource Estimate Preparation

The MRE has been prepared by Derek Loveday, P. Geo. and Mariea Kartick, P.Geo. of Stantec Consulting Services Inc. in conformity with CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines and are reported in accordance with NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into mineral reserve.

Qualified Person

Mr. Ted O'Connor, P.Geo., Executive Vice President of American Lithium, and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

Ab out American Lithium

American Lithium is actively engaged in the development of large-scale lithium projects within mining-friendly jurisdictions throughout the Americas. The Company is currently focused on enabling the shift to the new energy paradigm through the continued development of its strategically located TLC lithium project ("TLC") in the richly mineralized Esmeralda lithium district in Nevada, as well as continuing to advance its Falchani lithium ("Falchani") and Macusani uranium ("Macusani") development-stage projects in southeastern Peru. All three projects, TLC, Falchani and Macusani have been through robust preliminary economic assessments, exhibit strong significant expansion potential and enjoy strong community support. Pre-feasibility is advancing well TLC and Falchani.

We seek Safe Harbor.